A conference is expected to be held in Athens on September 9 attended by France, Italy, Spain, Portugal, Cyprus, and Malta. The talks will continue during Tsipras’ visit to Rome, where he plans to attend a meeting of European Socialists.

The meeting of the Southern countries will focus on the “common” challenges facing the EU, including austerity, fiscal measures and migration.

In April, Tsipras and the newly-elected Prime Minister of Portugal, leftist Antonio Costa signed a joint declaration, calling for an end to austerity policies.

During his visit to Greece, Economic Affairs Commissioner Pierre Moscovici warned Athens it should concentrate on meeting the budget surplus requirements and stick to reforms to regain credibility and earn further debt relief, rather than opening discussions on softening the policies.

It is not only Greece that is under pressure from European policy makers. Italy's banking sector is facing a crisis, having accumulated €360 billion and growing in bad loans.